Apple Pay is reportedly on track for an Indian debut next month, aiming to bring its contactless payment service to the country through a partnership with Axis Bank. This launch would enable iPhone users to make secure, tokenized tap-and-pay transactions, bypassing the need for separate payment apps. However, the service will enter a highly competitive market dominated by UPI.

Apple Pay is reportedly on track for an Indian debut next month, aiming to bring its contactless payment service to the country through a partnership with Axis Bank. This launch would enable iPhone users to make secure, tokenized tap-and-pay transactions, bypassing the need for separate payment apps. However, the service will enter a highly competitive market dominated by UPI.

Apple Pay is reportedly on track for an Indian debut next month, aiming to bring its contactless payment service to the country through a partnership with Axis Bank. This launch would enable iPhone users to make secure, tokenized tap-and-pay transactions, bypassing the need for separate payment apps. However, the service will enter a highly competitive market dominated by UPI.

iPhone maker Apple might soon introduce its flagship mobile payment service, Apple Pay, to Indian consumers as early as next month, as per reports.

A REUTERS exclusive citing sources familiar with the matter revealed that the US tech giant is partnering with Axis Bank to roll out the service for credit card users. 

If this happens, it will be a huge win for Apple as it brings a globally popular payment ecosystem to the world's most populous nation.

India is one of the few major economies where the service remains unavailable.

Just like its global rollouts, Apple is reportedly looking at a phased expansion strategy by adopting a direct, bank-by-bank approach. 

Axis Bank is said to power the initial launch. The benchmark index constituent lender is also India’s fourth-largest credit card issuer with 16.26 million active cards as of July.

It is also reported that discussions are actively underway with private sector leaders HDFC Bank and ICICI Bank. 

If it is introduced, Apple Pay will let iPhone users make seamless tap-and-pay transactions at physical retail terminals. 

By securely storing tokenised card details on the device, the system eliminates the need for consumers to carry a card or use a separate payments app. 

Last year's nod by the Reserve Bank of India to approve biometric authentication for card payments seems to have provided a much-needed fillip to bring Apple Pay to the country.

However, Apple will be entering a tough and cut-throat Indian market. 

Despite its smartphone market share in India doubling to 8 per cent since 2022, it will have to go head-to-head with a homegrown giant, the Unified Payments Interface or UPI.

UPI dominates the domestic ecosystem in India, accounting for a massive 84 per cent of India's digital payment volume through QR codes, phone numbers, and tap-and-pay features.

So far, neither Axis Bank nor Apple has issued a statement regarding the development.

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